Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how did you come up with the 55 in the ending inventory? this is the calculation i need help with finding. Answer 1 of 1

how did you come up with the 55 in the ending inventory? this is the calculation i need help with finding.
image text in transcribed
image text in transcribed
image text in transcribed
Answer 1 of 1 COST OF GOODS SOLD UNDER LIFO: $784 : . 2015 View Policies Show Attempt History Your Answer Correct Answer X Your answer is incorrect. Marigolds has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 23 units $4.70 each 94 units @ $5.05 each 47 units $4.90 each 70 units @ $5.10 each A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Cost of goods sold under LIFO is $386 $396. $774 $784 O EL & 96 5 6 7 8 SLC RILYUUOeler G H KILL OS SOLD UNDER LII LAST-IN, FIRST OUT METHOD Cost b 4.70 $ 5.05$ 4.90$ 5.10 S $ 3$ 41$ $ DIS 4 Ending Inventory Units Total cxb 23 $ 108.10 55$ 277.75 Total axb 108.10 474.70 230.30 357.00 1,170.10 3 78 $ 385.85 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internet Market Research Audit

Authors: Cambridge

1st Edition

1902433742, 978-1902433745

More Books

Students also viewed these Accounting questions

Question

Does it avoid using personal pronouns (such as I and me)?

Answered: 1 week ago

Question

Does it clearly identify what you have done and accomplished?

Answered: 1 week ago